Manila—(PHStocks)—Philippine stocks succumb to sell-off amid continued investor pessimism gripping the market. The benchmark Philippine Stock Exchange (PSE) index dropped by 3.42% or 211.12 points to close today’s trading at 5,971.05 – losing close to 20% of its value since it hit a market high of 7392 in the middle of last month. China’s slide into the bear market territory also weighed in today’s trading.

The sell-off was across the board. The Financials index led the losers, shedding 4.69%, while the Mining & Oil index fell by 4%. The Holding Firms sector, meanwhile, declined by 3.97%. The wider All Shares index, on the other hand, dropped by 3.52%.

There were only 17 gainers today compared to 165 losers, while 34 stocks were flat.

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